Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1887-06-03
INSURANCE COMPANIES HIT.
Rumors of Failures Flying Thick and Fss
in New York.

Rumors of Failures Flying Thick and Fast
in New York.
NEW YORK, June 2.-RumOrs offailures
oftire insurance companies havebeen flying
about thick and fast among insurance men
the past two days.
They were caused by the three large fires
of the last week-the Belt Line car stables,
Palmer's cOoperage, in Williamsburg, and
John S. Richards warehouse, West and
King streets, on each of which certain
companies, which had already sustained
large losses this year, had unusually big
lines.
In the five months since January the
number of fires entailing large losses has
been greater than in any similar period
since the many fires in the dry goods dis
trict in 1879. The result has been that
several companies have been ''hard hit, "
rs the expression is, and if they do not
succumb they will probably be obliged to
pass one or two dividends.
The largest loser in the fires of the last
week was the PhGniX Company of London.
1t had line of $2S, $50 on the Belt Line
car stables, and $47, 500 on the Williams
burg cooperagc, aud its total loss on the
two cannot fall short of S60,0OO. These
are abnormally large amounts to place on
single risks, but it is explained by one OF
the officers OF the company in this way:
1--WE began on May l, 1886, to increase
our lines Of insurance on certain classes OF
risks, and to issue policies for from 25,OOU
to 5000 1t was in 4 measure new
departure, and we placed this kind of bus
! mess in q separate department, known as
the Jumbo Line Department" As we
assumed big risks we naturally expected
big losses, and calculated that we would
be able to pay out $40, 900 a day without
impairing our surplus Thus far we have
been successful beyond expectation, and,
notwithstanding the large losses OF the
past few days, our premiums have been
considerably more than enough to keep Ills
even"
Another of the companies which was said
20 he affected by the recent fires III the
| Fire Association of New York. This was
Organized less than year ago, with Il
small capital, and has made a speciality Oi
placing large lines, running as high a'
$40 900. Early in March it had two large
losses and was involved to the extent O
$aO, 600 in the Williamsburg COoperage fire
and s., 900 in the King street warehouse
| blaze. Vanderbilt Allen, the President
| said that even if this was a total loss
which he doubted, his company would not
be seriously affected, as it had an unusually
good run of luck, not having had 4 fire fol
| the first six months of its existence, and
extremely few since.
1t has been impossible to learn the full
amount of insurance on the King street
fire, as many officers of the companies in'
terested were too busy adjusting other
losses to be present at the meeting OF the
Board of Underwriters, but il Is believed
TO be 1854, 600. The American Insurance
Company placed $S0,0 on the building,
which is owned by Booth q Edgar, and is
damaged $40, 900, and the Liverpool and
London and Globe, Scottish Union, London
| Assurance, Mechanics and Merchants anC
Sun Fire Companies, issued the largest
policies on the contents.
A great effort has been made by com
paneS interested to prevent the publlca
ton of complete list OF the assurances Or
the Belt Line car stables, ~ it was feared
that it would affect their standing.